Bitcoin, Ether, Other Cryptocurrencies Fall as China’s Crypto Ban Shakes Market

Cryptocurrency market is witnessing major upheaval following China's blanket ban on cryptocurrencies, which was announced last week. Bitcoin opened at Rs. 33,52,013 (roughly $45,185) on Wednesday, September 29. The world's most-valued cryptocurrency witnessed a marginal dip of 0.78 percent making it the second day in a row to have dropped in exchange value. A day ago, Bitcoin had slumped by 2.96 percent. Analysts from exchange platform CoinDCX believe that the Chinese government's crypto restrictions have resulted in a sell-off with only a little long-term impact on Bitcoin price, which has often been seen to recover following an initial dip.

The day began on a rough note for the world's second most-valued cryptocurrency Ether as well. The Ethereum blockchain-based cryptocurrency fell in price by 1.39 percent. Presently, Ether is trading at Rs. 2,31,183 (roughly $3,116). On September 29, Ether had registered a significant drop of 5.93 percent, as per the Gadgets 360 crypto-price tracker.

Similarly, other popular cryptocurrencies like Dogecoin, Cardano, and Litecoin have also witnessed marginal slips in exchange values.

"The past 24 hours witnessed the bears dominating the cryptocurrency market. The two largest cryptocurrencies, Bitcoin and Ether, were massively sold off. The fear and greed index points to a score of 25 indicating the presence of fear across the crypto market," Edul Patel, CEO and co-founder of crypto-investment platform of Mudrex,told Gadgets 360.

Given the market instability, only a handful of popular cryptocurrencies registered a rise in their exchange values today.

Uniswap and Bitcoin SV are among the few cryptocurrencies that did witness a price hike, but only marginally.

Unlike China, several other nations are coming onboard the experiment wagon with these decentralised and unregulated digital assets.

For instance, the Miami city of US' Florida state legalised its first native crypto coin called Miami Coin based on Bitcoin technology. The mayor of Miami, Francis Suarez even offered a location near a nuclear power plant to set up Bitcoin mining centres to reduce the carbon footprint.

Dubai is also hosting a mega crypto expo in October, that will be attended by over 3,000 people. The expo will have crypto experts discuss about the now expanding digital financing space.